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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deficiency is allowed in North Carolina, but... Posted by Ward-CA- on March 21, 2002 at 6:47 AM In Reply to: Foreclosure info. posted by John on March 20, 2002 at 9:45 PM : I would greatly appreciate anyone who might be able to answer some general questions. : 1.) I am several months behind on my mortgage(North Carolina-FHA). If I lose the house to foreclosure how long does it stay on my credit record? : 2.) Once I vacate the house, am I liable to the lender for anything? Can they come after me if they can't sell the house for a good price? : 3.) Does the lender have to give me thirty days in which to vacate? : 4.) Finally, Do I have to attend a hearing of some sort, or can I just walk away? =•=•=•=•=•=•=•=•=•=•= John, #1. A foreclosure will stay reported on your credit record for 5 to 7 years. #2. North Carolina allows a lender to pursue a borrower for a deficiency judgment if the disposition of the foreclosed property results in less than what was owed. (See link below). However, most lenders don’t exercise their right to a deficiency judgment because of the extra time and cost involved when there’s no foreseeable indication that they could actually collect. #3. The time period for vacating after the auction vary from state to state. You won’t have to guess because almost always it’s required that the holdover owner be served with a notice indicating the move-out deadline. I’d suggest the you vacate by the deadline to avoid an eviction reference on your credit record. That would definitely hurt your future chances of renting a nice place over the next few years. #4. North Carolina is a non-judicial, trustee foreclosure jurisdiction. Such a process doesn’t require a defaulting owner to make any kind appearance that I’m aware of. Good luck. 50 State Foreclosure Basics Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I would greatly appreciate anyone who might be able to answer some general questions. : : 1.) I am several months behind on my mortgage(North Carolina-FHA). If I lose the house to foreclosure how long does it stay on my credit record? : : 2.) Once I vacate the house, am I liable to the lender for anything? Can they come after me if they can't sell the house for a good price? : : 3.) Does the lender have to give me thirty days in which to vacate? : : 4.) Finally, Do I have to attend a hearing of some sort, or can I just walk away? : =•=•=•=•=•=•=•=•=•=•= : John, : #1. A foreclosure will stay reported on your credit record for 5 to 7 years. : #2. North Carolina allows a lender to pursue a borrower for a deficiency judgment if the disposition of the foreclosed property results in less than what was owed. (See link below). : However, most lenders don’t exercise their right to a deficiency judgment because of the extra time and cost involved when there’s no foreseeable indication that they could actually collect. : #3. The time period for vacating after the auction vary from state to state. You won’t have to guess because almost always it’s required that the holdover owner be served with a notice indicating the move-out deadline. : I’d suggest the you vacate by the deadline to avoid an eviction reference on your credit record. That would definitely hurt your future chances of renting a nice place over the next few years. : #4. North Carolina is a non-judicial, trustee foreclosure jurisdiction. Such a process doesn’t require a defaulting owner to make any kind appearance that I’m aware of. : : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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